PAY FOR PERFORMANCE & INTEGRATED TALENT MANAGEMENT SYSTEM

So, what do we mean by talent management? In the broadest possible terms, it is the strategic and tactical management of the flow of talent through an organisation. Its purpose is to assure that the supply of talent is available to align the right people with the right jobs at the right time based on strategic business objectives.

 

The Talent Management Cycle is composed of several essential elements:

1. Talent Acquisition: Proactively recruiting world-class, diverse leadership talent and providing on-boarding support for them to accelerate their assimilation into their roles;
2. Talent Development: Developing and executing learning and development programmes, processes & assessment tools to grow current and future leaders;
3. Performance Management: The process of creating a work environment in which people can perform to the best of their abilities;
4. Succession Planning: This is critical towards developing a leadership pipeline or assuring near-term leadership continuity by thoughtful consideration of the availability, readiness, and development of internal talent (including High Potentials) to assume critical ‘priority’ leadership roles; and
5. Organisational Results: Achieving favourable and desired results is obviously the ultimate outcome expected out of any effective integrated talent management system. However, it is a lagging indicator and business leaders will have to focus on the organisational climate which will have an impact on the other elements of the Talent Management Cycle as explained earlier.
6. System of recognition and rewards are integral parts of the climate which influence the talent’s performance effecting productivity, creativity and in driving results with the right impact. The climate is impacted by a values-driven leadership team.

The ability to effectively hire, retain, deploy and engage talent at all levels is really the only true competitive advantage an organisation possesses.